Accounts-receivable financing, also known as invoice factoring, is a common funding solution companies use to eliminate the cash-flow gap caused by slow-paying customers. It works by selling your invoices to a factoring company in exchange for immediate cash.
While there are several factoring companies in Winston-Salem and throughout North Carolina, Scale Funding offers many advantages of choosing it as your factoring company.
Some of the advantages of our Winston-Salem invoice factoring programs are:
For more than 20 years, we’ve helped a variety of industries improve their cash flow through our Winston-Salem accounts-receivable financing programs. Some of these industries include:
Scale Funding offers custom and flexible financing solutions to businesses making us your top choice among factoring companies in Winston-Salem and throughout North America.
We understand that waiting on slow-paying customers can put businesses in a cash-flow crunch. Our invoice factoring programs eliminate this gap by paying you same-day.
If you’re business needs quick access to cash, our programs can work for you. We’re able to help start-ups, growing companies and even companies going through financial hardships such as credit issues, tax liens, bankruptcy and bank turndowns.
Contact a Scale Funding representative today and see how our Winston-Salem invoice factoring programs can work for you.
Located in the Piedmont Triad Region of North Carolina, Winston-Salem is the result of the merging of two neighboring cities. Winston-Salem has two nicknames: Twin City, acknowledging its dual history; and City of the Arts, both because it was the first city in the nation to establish an arts council and because of the significant amount of arts and theatre culture found there.
In 1753, the Moravians, a devout religious group from Eastern Europe, settled in a large area of central North Carolina and named it the Wachovia Tract. In 1766, the Moravians chose an area centrally located on the tract to create a new town for their congregation, which they called Salem. Until the mid-1800s Salem was completely governed and controlled by the church. The church decided who was allowed to live there and even what they were allowed to build. However, the church’s control began to lessen in the mid 1850s and after being incorporated in 1856 Salem functioned as any other town. In 1859, the town of Winston was established after the Salem congregation sold off the northern portion of their land. Although Winston began as a quiet country town, it turned into a very active industrial center after the Civil War, which only increased once it was connected to the railroad. Winston became the country’s leader in both the tobacco and textile industries, two industries that are still very active in the area today. Although the US Post Office began referring to the towns as Winston-Salem in the 1880s, the towns of Winston and Salem weren’t officially merged until 1913 when they incorporated as Winston-Salem.
True to its history, Winston-Salem still has a significant manufacturing industry. However, where the industry used to be focused on tobacco, furniture and textiles, it has begun to diversify into more advanced manufacturing to keep up with the changes in demand. Caterpillar Inc., a major American manufacturing corporation, maintains a factory in Winston-Salem, which they are in the process of repurposing from a mining plant to a railroad equipment plant. Once the switch is complete, the factory will provide many new jobs to the labor force. Additionally, Herbalife recently took over the old Dell plant, investing $130 million into a new factory. The completed factory is expected to produce over 150 million products for the company each year. Additionally, it will provide over 500 jobs to the manufacturing industry and has room available for 25 percent more growth.
In an effort to diversify its economic base, Winston-Salem has begun to shift its focus to knowledge industries. In fact, medical research is one of the fastest growing industries for the area. One of the main drivers of this increase is the Wake Forest Innovation Corner. The Innovation Corner is an enormous office space (1.8 million square feet) that houses over 60 different companies and five different academic institutions. The companies that reside in the Innovation Corner include those in the research, business and education fields in biomedical science, information technology and advanced materials. Having all of these entities in close proximity fosters growth and innovation and has drawn a significant amount of start up companies to the area.
Health care is currently one of the leading sectors of the economy of Winston-Salem. In fact, Wake Forest Baptist Medical center is the largest employer in the area. A study completed in 2012 showed that the Wake Forest Baptist Medical Center had a $3.8 billion economic impact during the 2011 fiscal year. In addition to directly employing 13,000 people, the academic medical center also indirectly supports an additional 16,000 jobs. It is also a leader in medical research, as it is home to the Wake Forest Institute for Regenerative Medicine, which was the first lab in the world to engineer and successfully implant organs grown in the lab into humans.
Winston-Salem is home to a number of major corporate headquarters. Keeping in line with their traditional industries, Reynolds American (tobacco) and HanesBrands Inc. are both headquartered there. In addition, Winston-Salem is home to a number of food manufacturing companies, including Krispy Kreme Doughnuts, TW Garner Food Company and Lowes foods. The city also has a significant financial presence with the headquarters of BB&T Bank and a major corporate office of Wells Fargo Bank, which acquired Winston-Salem based Wachovia in 2008.